How to Combat a Counter-Offer
In the life sciences sector, approximately 50% of professionals who resign are met with a counter-offer from their current employer. This trend reflects the industry’s competitive nature and the challenges companies face in retaining specialized talent.
When a potentially great hire receives a counter-offer from their current employer, it can derail your hiring plans. However, with the right strategies, you can successfully navigate this situation.
Build a Strong Relationship from the Start
Establishing a strong, trust-based relationship with the candidate from the beginning is crucial. Engage with them regularly and ensure they feel valued throughout the recruitment process. This rapport makes it harder for them to accept a counter-offer, as they have already invested in a relationship with your company.
If you’re partnering with a recruitment company, like Scienta, they will ensure that communication is at the forefront of the process. But it’s important to make yourself available to tell the business at key stages.
Understand the Candidate’s Motivations
During interviews and discussions, delve into the candidate’s motivations for leaving their current job. Is it about salary, career growth, work-life balance, company culture, or other factors? By understanding their key motivators, you can tailor your offer to address their primary concerns, making a counter-offer less appealing.
Present a Comprehensive Value Proposition
Offer a well-rounded package that goes beyond just salary. Highlight opportunities for career advancement, professional development, work culture, benefits, and any unique advantages your company offers. A holistic value proposition can outweigh a simple salary increase offered in a counter-offer.
Communicate the Risks of Accepting a Counter-Offer
According to The Human Capital Hub, 50% to 80% of employees who accept a counter-offer end up leaving their employer within six months. Make sure to educate the candidate about the potential pitfalls of accepting a counter-offer. The initial reasons for wanting to leave often resurface, and the relationship with the employer can become strained.
Encourage Open Communication
Create an environment where the candidate feels comfortable discussing their concerns and any counter-offers they receive. Address these issues openly and honestly, reinforcing why your company is the right choice for their career growth and personal satisfaction.
Be Prepared to Negotiate
If a counter-offer does arise, be prepared to negotiate. Know your limits and be clear about what you can and cannot offer. Sometimes, a slight adjustment in the offer or an additional benefit can make all the difference in securing the candidate. This also comes back to understanding their personal motivations. If they’re at the top of your budget but you know work/life balance is a priority, can you offer more flexibility?
Leverage Employee Testimonials and Case Studies
Taking a new job isn’t entirely different from making a large purchase. You’re going to look at the reviews before you buy! Showcase stories of employees who have joined your company from competitors and found success and satisfaction. Real-life examples can be powerful in demonstrating the long-term benefits of choosing your company over a counter-offer.
It’s important to understand that counter-offers are a natural part of the recruitment process, but they don’t have to be a roadblock. Remember, the goal is to ensure the candidate feels that joining your company is the best decision for their career and future.
By implementing these strategies, you not only increase your chances of securing top talent but also reinforce your company’s reputation as an employer of choice.
